Whale Profits and Activity Shape Bitcoin's Consolidation
Bitcoin's short-term holder whales are sitting on unprecedented paper gains, which is raising questions about potential selling pressure during market consolidation.
The unrealized profit for these whales climbed to $9.07 billion on September 4, the highest reading since records began in 2016.
Although this figure eased to $7.51 billion on Saturday after a slight price drop, it remains among the five largest observations ever recorded, with each of those peaks occurring in the last two weeks.
IT Tech emphasized that short-term holder whales have previously reacted quickly to profit-taking opportunities and warned that 'unrealized profit at that scale is exposure.'
In addition, on-chain signals show that long-term Bitcoin investors have been more active during the latest consolidation phase.